Non-public fairness agency Thomas H. Lee Companions (THL) right this moment mentioned it made a strategic development funding in Carpe Data, a supplier of knowledge merchandise for the insurance coverage business. With the funding, THL will develop into the bulk shareholder of Carpe Information, whose founders and administration will proceed to carry a significant stake, in addition to a gaggle of current strategic buyers.
Headquartered in Santa Barbara, California, Carpe Information makes use of proprietary algorithms and AI to remodel rising and different information into predictive and actionable insights for insurance coverage carriers throughout the globe. Carpe Information’s information allows insurers to automate claims choices and enhance outcomes throughout the insurance coverage lifecycle.
THL’s funding can be used to help continued innovation in addition to seize alternatives for the corporate to increase.
“As main buyers within the insurance coverage and automation area for over 20 years, we’ve got witnessed the rising demand amongst carriers for automated different information and predictive analytics to enhance efficiency and achieve a aggressive edge in all key workflows,” mentioned Edward Shahnasarian, director at THL.
This additionally marks the eighth funding for THL’s flagship fund, Thomas H. Lee Fairness Fund IX, which invests throughout three business verticals, together with monetary know-how and companies.
THL’s total insurance coverage portfolio contains Agencyport Software program, Allied World Assurance Co., AmeriLife, AXIS Capital, Endurance Specialty, Insurance coverage Applied sciences and Sedgwick Claims Administration Providers.
THL’s Ganesh Rao, managing director and Head of Monetary Know-how & Providers; Gary DeGruttola, government advisor; Edward Shahnasarian, director; and Timothy Ferris, vice chairman, will be part of Max Drucker, CEO, and Geoff Andrews, COO, on the Carpe Information board of administrators as a part of the deal.
Cooley LLP served as authorized counsel and William Blair served as monetary advisor to Carpe Information. Kirkland & Ellis LLP served as authorized counsel and Raymond James & Associates served as monetary advisor to THL.
Supply: Thomas H. Lee Companions
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